Weekly Economic Update

For the week of February 4 – 8. 

Nonfarm payrolls in the United States released at 304K for the month of January, nearly double surpassing expectations for the month. This is also a significant jump from the previous months revised reading of 222K (revised down sharply from 312K). Despite the beat on this headline posting, hourly earnings growth came in at 0.1 percent on a month-over-month, significantly shy of the expected 0.3 percent. The unemployment rate ticked slightly higher to 4.0 percent from the previous reading of 3.9 percent. As a result, the higher unemployment rate has been greatly impacted by the government shutdown in the United States.

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ISM manufacturing for January in the United States posted at 56.6, surpassing the expected 54.0, and pushing ahead of the previous month’s reading of 54.1. Prices paid dropped from 54.9 to 49.6, while new orders jumped to 58.2 from 51.1. Based on January’s data, the manufacturing industry appears to be unaffected by the ongoing trade war between the United States and China.

The Canadian dollar is currently trading relatively flat against the US dollar this morning. Today’s expected range is 1.3053 – 1.3153.

Source: Bloomberg

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